# Structural Break: Pre/Post GFC Savings Decomposition

| Model | Dep Var | N | Countries | R2 |
|---|---|---|---|---|
| Pre-GFC Z -> savings | gross_national_savings_gdp | 2,066 | 145 | 0.205 |
| Post-GFC Z -> savings | gross_national_savings_gdp | 2,253 | 152 | 0.152 |
| Pre-GFC Z -> private_saving | private_saving_gdp | 1,775 | 143 | 0.110 |
| Post-GFC Z -> private_saving | private_saving_gdp | 2,253 | 152 | 0.093 |
| Pre-GFC Z -> govt_saving | govt_saving_gdp | 2,470 | 173 | 0.044 |
| Post-GFC Z -> govt_saving | govt_saving_gdp | 2,704 | 174 | 0.092 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| Pre-GFC Z -> savings | Z_1 | 143.5500 | 23.5614 | 0.0000 | *** |
| Pre-GFC Z -> savings | Z_2 | -19.1648 | 3.6479 | 0.0000 | *** |
| Pre-GFC Z -> savings | Z_3 | 0.7070 | 0.1517 | 0.0000 | *** |
| Post-GFC Z -> savings | Z_1 | 78.8893 | 18.1932 | 0.0000 | *** |
| Post-GFC Z -> savings | Z_2 | -10.0890 | 2.6570 | 0.0002 | *** |
| Post-GFC Z -> savings | Z_3 | 0.3606 | 0.1062 | 0.0007 | *** |
| Pre-GFC Z -> private_saving | Z_1 | 84.6609 | 24.7486 | 0.0006 | *** |
| Pre-GFC Z -> private_saving | Z_2 | -10.7327 | 3.8032 | 0.0048 | *** |
| Pre-GFC Z -> private_saving | Z_3 | 0.3814 | 0.1574 | 0.0155 | ** |
| Post-GFC Z -> private_saving | Z_1 | 33.4201 | 18.6620 | 0.0735 | * |
| Post-GFC Z -> private_saving | Z_2 | -3.4001 | 2.7261 | 0.2124 |  |
| Post-GFC Z -> private_saving | Z_3 | 0.0938 | 0.1089 | 0.3890 |  |
| Pre-GFC Z -> govt_saving | Z_1 | 38.0756 | 12.1758 | 0.0018 | *** |
| Pre-GFC Z -> govt_saving | Z_2 | -5.0396 | 1.8772 | 0.0073 | *** |
| Pre-GFC Z -> govt_saving | Z_3 | 0.1818 | 0.0779 | 0.0197 | ** |
| Post-GFC Z -> govt_saving | Z_1 | 10.3411 | 8.1904 | 0.2068 |  |
| Post-GFC Z -> govt_saving | Z_2 | -1.3130 | 1.2024 | 0.2749 |  |
| Post-GFC Z -> govt_saving | Z_3 | 0.0462 | 0.0481 | 0.3365 |  |

*Structural break at 2007/2008. Pre-GFC: 1990-2007. Post-GFC: 2008-2024.*